Publisher's Synopsis
The U.S. Generalized System of Preferences (GSP) program provides non-reciprocal, duty-free tariff treatment to certain products imported from designated beneficiary developing countries (BDCs). The United States, the European Union, and other developed countries have implemented similar programs since the 1970s.The U.S. program was first authorized in Title V of the Trade Act of 1974, and is subject to periodic renewal by Congress. The GSP program was most recently extended until July 31, 2013, in Section 1 of P.L. 112-40, and has not yet been renewed. Imports under the GSP program in 2013 amounted to about $18.5 billion-about 7% of all imports from GSP countries, and about 1% of total U.S. imports.
